Charitable giving records set in 2020, as donors responded to the pandemic and social causes, may be broken this year as philanthropists continue to reach deep to help others, according to Fidelity Charitable.
Fidelity Charitable donors recommended giving $4.3 billion in grants for the first half of the year, a 27% increase over the first six months of last year, Fidelity reported yesterday. The increase sets donors up for another record-breaking year following the 2020 record of $9.1 billion in grants. Traditionally, donors make the biggest donations during the last quarter of the year.
The 2020 giving level was a 24% increase over 2019 for Fidelity Charitable donors. Altogether, more than 123,000 charities benefited from the donor-recommended grants so far this year.
“These incredible results suggest that our donors could surpass their record granting in 2020, showing us that people continue to prioritize generosity as we define the ‘new normal’,” Kristen Robinson, chief operating officer at Fidelity Charitable, said in a statement. “It’s very heartening to see much-needed support going to nonprofits as they continue to face challenges.”
Since its inception in 1991, Fidelity Charitable has given $51 billion in grants to 328,000 charities selected by account holders. Donors can make grants to any IRS-qualified public charity.
Last year, donors increased grants to free food programs by 12 times the amount given in 2019, according to the 2021 Giving Report released at the beginning of this year.